XML 25 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information

Note 10. Segment Information

The Company has two reportable operating segments which are determined on the basis of the product portfolio: Surgical Glaucoma and Dry Eye. The operating and reportable segments were determined based on how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), views and evaluates the Company’s operations. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on gross profit and gross profit margin.

The Surgical Glaucoma segment includes sales of the Company’s OMNI® Surgical System and SION® Surgical Instrument for use in minimally invasive glaucoma procedures. The Dry Eye segment includes sales of the Company’s TearCare® System and related components.

The following table summarizes select operating results information for each reportable segment (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

 

2024

 

 

2023

 

 

Revenue

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

18,257

 

 

$

17,334

 

 

Dry Eye

 

 

1,008

 

 

 

1,490

 

 

Total

 

 

19,265

 

 

 

18,824

 

 

Cost of goods sold

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,209

 

 

 

2,362

 

 

Dry Eye

 

 

584

 

 

 

686

 

 

Total

 

 

2,793

 

 

 

3,048

 

 

Gross profit

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

16,048

 

 

 

14,972

 

 

Dry Eye

 

 

424

 

 

 

804

 

 

Total

 

 

16,472

 

 

 

15,776

 

 

Operating expense

 

 

31,195

 

 

 

33,344

 

 

Loss from operations

 

 

(14,723

)

 

 

(17,568

)

 

Investment income

 

 

1,648

 

 

 

1,810

 

 

Interest expense

 

 

(1,204

)

 

 

(1,276

)

 

Loss on debt extinguishment

 

 

(1,962

)

 

 

—

 

 

Other expense, net

 

 

(8

)

 

 

(19

)

 

Loss before income tax

 

$

(16,249

)

 

$

(17,053

)

 

 

The Company does not allocate any income and expenses beyond revenue and cost of goods sold to the reportable operating segments in its reporting to the CODM. No asset information is provided for reportable operating segments because they are not reviewed by the CODM on a segment basis. Substantially all of the Company’s revenue is generated from sales in the United States.